Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q2 2023 Earnings Call Transcript August 14, 2023 5:00 PM ET Company Participants Kim Rogers - Hayden IR Nathan Mazurek - President, CEO & Chairman Walter Michalec - CFO, Treasurer & Secretary Conference Call Participants Sameer Joshi - H. C. Wainwright David Kreinberg - Globus Capital Operator Good afternoon and welcome to the Pioneer Power Solutions 2023 Second Quarter Financial Results Conference Call. [Operator Instructions]. Please note this event is being rec ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35212 PIONEER POWER SOLUTIONS, INC. (Exact name of registrant as specified in its charter) Delaware 27-1347616 (State or other jurisdiction of incorporation or or ...

Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q1 2023 Earnings Conference Call May 15, 2023 4:30 PM ET Company Participants Brett Maas - Hayden IR Nathan Mazurek - President, CEO & Chairman Walter Michalec - CFO, Treasurer & Secretary Conference Call Participants Amit Dayal - H.C. Wainwright & Co. Shawn Boyd - Next Mark Capital Operator Good afternoon, and welcome to the Pioneer Power First Quarter 2023 Financial Results Conference Call. [Operator Instructions]. Please note this event is being recorded. I wou ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 400 Kelby Street, 12th Floor Fort Lee, New Jersey 07024 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: (212) 867-0700 Securities registered pursuant to Section 12(b) of the Act: OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR ...

Financial Performance - Total consolidated revenues for 2022 were $27 million, a 47.5% increase from $18.3 million in 2021[127]. - The T&D Solutions segment generated revenues of $17.4 million in 2022, up 83.5% from $9.5 million in 2021[127]. - The Critical Power Solutions segment reported revenues of $9.6 million in 2022, a 8.8% increase from $8.8 million in 2021[127]. - The company's gross profit for 2022 was $4.6 million, compared to $1.4 million in 2021, reflecting a significant improvement[127]. - For the year ended December 31, 2022, consolidated revenue increased by $8.7 million, or 47.5%, to $27.0 million, up from $18.3 million in 2021, primarily due to increased sales of power systems from the T&D Solutions segment[129]. - Revenue from switchgear and E-Bloc power system product lines increased by $7.9 million, or 83.3%, compared to 2021, driven by higher sales of E-Bloc power systems and automatic transfer switches[130]. - Gross profit for the year ended December 31, 2022, was $4.6 million, a 230.7% increase from $1.4 million in 2021, with a consolidated gross margin percentage of 17.1%, up from 7.6%[132]. Order Backlog - The order backlog at December 31, 2022, was $37.2 million, an increase of $14.4 million, or 63%, compared to $22.8 million at December 31, 2021[128]. - The T&D Solutions backlog increased to $30.9 million in 2022 from $17.5 million in 2021[128]. - The Critical Power Solutions backlog rose to $6.3 million in 2022 from $5.3 million in 2021[128]. Expenses and Losses - The net loss for 2022 was $3.6 million, compared to a net loss of $2.2 million in 2021[127]. - Selling, general and administrative expenses increased to $8.4 million in 2022 from $5.1 million in 2021[127]. - Consolidated selling, general and administrative expenses increased by approximately $3.4 million, or 64.3%, to $8.6 million in 2022, as a percentage of revenue rising to 31.3% from 28.1% in 2021[135]. - The Critical Power segment reported an operating loss of $2.0 million for the year ended December 31, 2022, an increase of $1.6 million, or 420.3%, compared to 2021, mainly due to higher consulting and marketing costs[141]. - Unallocated corporate overhead expenses increased by $1.4 million, or 57.6%, during the year ended December 31, 2022, primarily due to increased payroll and stock-based compensation[143]. Cash Flow and Working Capital - Cash on hand as of December 31, 2022, was $10.3 million, an increase from $9.9 million in 2021, with total cash and restricted cash reported at $10.3 million compared to $11.7 million in 2021[150]. - Cash used in operating activities increased to $5.8 million in 2022 from $3.2 million in 2021, primarily due to working capital fluctuations[153]. - Cash provided by investing activities was $4.7 million in 2022, a significant increase from cash used of $237 in 2021, mainly due to collecting unpaid principal and interest from Seller Notes[154]. - Cash used in financing activities was $353 in 2022, compared to cash provided of $7.6 million in 2021, which included net proceeds from common stock issuance[155]. - Working capital decreased to $14.1 million as of December 31, 2022, from $18.6 million in 2021, with cash on hand of $10.3 million[156]. - The company expects cash requirements to be primarily for operating activities, capital improvements, and product development, with sufficient cash balance to fund operations for the next twelve months[162]. Capital Expenditures and Future Outlook - Additions to property and equipment were $1.5 million in 2022, up from $237 in 2021, indicating increased capital expenditures[164]. - The company has no off-balance sheet transactions or obligations that could materially affect its financial condition as of December 31, 2022[163][167]. - Future operating results may be impacted by factors such as cyclical industry nature, raw material price fluctuations, and ongoing economic conditions, including the effects of COVID-19 and geopolitical tensions[165]. - As of December 31, 2022, $8.6 million of common stock remained available for issuance under the ATM Program[160]. Business Strategy - The company plans to grow its business through continued internal investments in product development and expansion of personnel[114]. - Interest income for the year ended December 31, 2022, was approximately $465, up from $387 in 2021, primarily generated from Seller Notes and cash on hand[144]. - The company received a PPP Loan of $1.4 million, which was fully forgiven in Q1 2021, resulting in a gain recognized as other income[151][152].

Financial Data and Key Metrics Changes - In Q4 2022, revenue nearly tripled to $9.5 million, a year-over-year increase of 172% and a sequential increase of 52% [5][19] - Full-year revenue for 2022 increased by 48% to $27 million compared to $18.3 million in 2021 [40] - Net income for Q4 2022 was $0.10 per share, while the full-year net loss was $3.6 million or $0.37 per share [5][22] - Backlog increased by 33% in Q4 2022 to a record level of $37.2 million [5][7] Business Line Data and Key Metrics Changes - Revenue from the T&D Solutions segment, which includes the E-Bloc solution, increased nearly 400% to $7.4 million in Q4 2022 [19] - Revenue from the Critical Power segment, which includes E-Boost, increased marginally by 9% to $2.2 million in Q4 2022 [19] - For the full year, revenue from T&D solutions increased by 83% to $17.4 million, while revenue from Critical Power increased by 9% to $9.6 million [40] Market Data and Key Metrics Changes - The primary markets for E-Bloc include multi-location businesses such as retailers, supermarkets, data centers, and utilities [8] - A significant order of $12 million for E-Bloc was received from a major retailer, with additional evaluations from other retailers and data centers [9] - A new order for over $5 million from a U.S. water utility was secured in Q4 2022, expanding the backlog and representing a new use case [10] Company Strategy and Development Direction - The company is focusing on aggressive growth targets in the distributed generation and electric vehicle markets, with expectations of revenue growth of at least 50% in 2023 [6][50] - Investments in E-Bloc and E-Boost solutions are expected to continue, targeting increased demand and market penetration [20][40] - The company plans to expand manufacturing capacity in 2024 to meet growing demand [28] Management's Comments on Operating Environment and Future Outlook - Management anticipates some quarter-to-quarter volatility in 2023 but expects to generate positive EPS for the full year [6][26] - The company is confident in its ability to achieve improved operating leverage and sustainable EPS based on projected annual volume [27] - Management highlighted the favorable product mix and higher operating efficiencies contributing to strong performance in Q4 2022 [26][57] Other Important Information - As of December 31, 2022, the company had approximately $14.3 million in net operating loss carryforwards available to shelter taxable net income [7] - Selling, general, and administrative expenses decreased by 32% year-over-year to $2 million, representing 21% of revenues in Q4 2022 [20] Q&A Session Summary Question: Should we expect additional orders from the major retailer mentioned? - Management expects additional orders in 2023, targeting hundreds of stores, but does not anticipate any orders before midyear [54] Question: What is the expected delivery timeline for E-Boost orders? - Most deliveries for E-Boost are expected in the third and fourth quarters of 2023, with some exciting orders to be announced soon [55] Question: How will the quarterly revenue cadence look in 2023? - Management anticipates the first quarter will be the lightest, with more stable performance in the second, third, and fourth quarters [44] Question: Will gross margins remain at current levels? - Management indicated that gross margins may be slightly muted going forward but are confident in maintaining strong margins [57] Question: What should be expected for SG&A expenses in the coming quarters? - SG&A expenses are expected to remain around $2 million per quarter, reflecting ongoing investments in growth [59]

Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q3 2022 Earnings Conference Call November 14, 2022 5:00 PM ET Company Participants Brett Maas - Investor Relations, Hayden IR Nathan Mazurek - Chairman, Chief Executive Officer Walter Michalec - Chief Financial Officer Conference Call Participants Amit Dayal - H.C. Wainwright Operator Good day, ladies and gentlemen, and welcome to the Pioneer Power Solutions, Inc. Third Quarter 2020 Earnings Results Call. Today's conference is being recorded. At this time, I'd lik ...

Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35212 PIONEER POWER SOLUTIONS, INC. (Exact name of registrant as specified in its charter) Delaware 27-1347616 (State or other jurisdiction of incorporation ...

Pioneer Power Solutions, Inc. Nasdaq: PPSI Investor Presentation September 2022 Forward-Looking Statements This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are based on the beliefs of m ...

Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q2 2022 Earnings Conference Call August 15, 2022 5:00 PM ET Company Representatives Nathan Mazurek - Chairman, Chief Executive Officer Walter Michalec - Chief Financial Officer Geo Murickan - President of Pioneer Power Mobility Business Unit Brett Maas - IR, Hayden IR Conference Call Participants Amit Dayal - H.C. Wainwright Operator Good day, and welcome to the Pioneer Power Solutions Incorporated, Second Quarter 2022 Earnings Results Call. Today’s conference is ...